ABB Spinoff Accelleron Valued at $1.75 Billion in Market Debut
October 03 2022 - 4:25AM
Dow Jones News
By Ed Frankl and Cecilia Butini
Accelleron Industries AG, the turbocharging unit of ABB which
was spun off on Monday, started trading on the SIX Swiss Exchange
in Zurich with an implied valuation of 1.73 billion Swiss francs
($1.75 billion).
ABB Ltd. said Monday that it had completed the spinoff of its
turbocharging unit offering one new Accelleron share for each 20
ABB shares.
Accelleron shares started trading at CHF18.00, while ABB shares
fell 3.5% in opening trade after news of the spinoff
completion.
The Switzerland-based robotics company has been attempting to
streamline its portfolio in recent years as it deals with a
more-digital industrial landscape.
On Friday it sold its remaining 20% stake in its Hitachi joint
venture to the Japanese company and might be looking to sell its
power-conversion unit.
The transaction allows both ABB and Accelleron to focus on
respective strategies and long-term value creation for
stakeholders, ABB said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
October 03, 2022 04:10 ET (08:10 GMT)
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